Congressman Robin Hayes Announces New Legislation to Promote U.S. Energy Independence from Foreign Sources
Will Introduce the “E85 Investment Act of 2006”
Greater Access to Ethanol Will Enhance U.S. Energy Independence
CHARLOTTE, NC– Congressman Robin Hayes (NC-8) held a press conference at a Charlotte gas station to announce that he will introduce the “E85 Investment Act of 2006” to give consumers greater access to the alternative fuel ethanol and promote U.S. energy independence from foreign sources, including unstable countries in the Middle East, Africa, and South America. Hayes noted that there are currently 6 million vehicles on the road today that are capable of using E85, a fuel blend of 85% ethanol and 15% gasoline, but consumer access to E85 pumps is limited. North Carolina only has seven locations where E85 is available; three of those are in the City of Charlotte. Hayes’ legislation will increase a tax credit for gas station owners who include E85 fuel stations at their business.
“While serving in Congress, I have repeatedly said that my priorities are economic security and national security. Over the past year, we have seen a growing threat to these objectives and our way of life through the rising cost of energy,” said Hayes. “The legislation I will introduce today seeks to encourage local gas stations to provide E85 pumps to consumers by providing a tax credit to gas stations to install the pumps and tanks to distribute this fuel.
“It’s time we make a realistic commitment to decrease our dependence on oil and this legislation puts us in the right direction to do that. We are capable of growing our own renewable energy source right here in the U.S. and today I want to make sure that North Carolinians and all Americans have access to E85 when we can use it in millions of vehicles and cut back on oil consumption now.”
The E85 Investment Act of 2006:
ü Allows businesses who invest in E85 pumps and fuel stations for their customers a 75% tax credit, or up to $30,000, for this infrastructure.
ü Extends the tax credit until December 31, 2016.
ü Contains a phase-out of the tax credit after December 31, 2012. Businesses making an E85 pump investment in 2013 will qualify for a 50% tax credit. Investment in 2014 will result in a 25% tax credit.